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65 Cards in this Set
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- Back
- 3rd side (hint)
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Estate in land |
An owner’s interest in real property |
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Freehold estate |
Ownership for indefinite duration Exclusive rights to enjoy the possession of a property for an indefinite amount of time
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Lasts for a lifetime or forever |
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Fee simple estate |
Indefinite time and may be passed to the owner’s heirs |
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Types of freehold estate |
Fee simple absolute Fee simple defeasible Life estate |
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Nonfreehold estate |
Referred as a leasehold estate the length of the property’s use an be determined |
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Fee simple absolute |
Maximum ownership Last indefinitely Transferable Ownership can’t be defeated by previous owner or its heirs; however, it’s not free from encumbrances |
Most complete, bundle of rights |
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Encumbrances |
A burden |
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Fee simple absolute is limited by encumbrances or conditions in a deed and 4 basic government powers: 1. ______ 2. _____ 3. _____ 4. _____ |
PETE •police power •eminent domain •taxation •escheat |
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Fee simple defeasible |
When grantor placed a condition on a fee simple estate; Qualified fee
•Often a gift •deed condition •May revert back to grantor (or heirs) •transferable and inheritable |
Qualified fee “Must be…” “as long as…” |
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Fee simple defeasible |
When grantor placed a condition on a fee simple estate |
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2 types of defeasible estates |
•Fee simple determinable (No court ; automatically ends) •Fee simple subject to condition subsequent (Does not automatically end; can loose title if conditions are not met or violated; grantor can go to court to take back) |
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Life estate |
Interest in property held for duration of the designated person. May be limited by the life of the person holding it or another person |
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The holder of a life estate is called: |
A life tenant (grantee) |
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pur autre vie |
for the life of another •Life Estate Pur Autre Vie: A life estate that is measured by any life other than the life of the holder of the life estate •Handling things with a life estate pur autre view means someone gives another person access to or uses of an estate, typically a residence, but only as long as a third person is alive. •provides for inheritance of the property right by the life tenant's heirs, but the right exists only until the death of the identified person or persons. A |
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Remainder interest |
The creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends. |
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Reversionary interest |
The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate. |
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Estate |
You have or you will have possession |
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Leasehold estate |
Procession for a fixed term |
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2 types of estates |
Freehold estates Leasehold estates |
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Freehold = ______ |
Ownership |
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Leasehold = ______ |
Possession |
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Reversionary interest |
Property goes back to where it came from; ownership reverts back to grantor |
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Upon death of the life tenant, the estate returns to ________ and reverts back to either the grantor or the third party. Grantor = ____ third party = ____ |
Fee simple absolute Reverter Remainderman |
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4 types of leasehold estates |
• estate for yrs • periodic estate • estate at will • estates at sufferance |
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Estate for years |
Specific termination date, no notice required Death doesn’t terminate Sale doesn’t terminate |
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Periodic estate |
Renews automatically; month to month |
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Estate at will |
Indefinite duration Terminated by death, sale, or sale of property |
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Estate of sufferance |
•Holdover after legal tenancy expires •Owner may evict tenant or accept rent |
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Liens |
A charge against property that provides security for a debt or obligation of the property owner |
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CC&Rs |
•Covenant, •conditions, and •restrictions Róbate limitations on the use of land Used by subdivision developer to maintain specific standards |
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Easement |
Right to use of land of another |
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Easement appurtenant |
Attached to ownership of real estate and allows the owner of that property the use of a neighbor’s land
• attaches to the property; runs with the land |
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Ingress |
Enter |
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Egress |
Exit |
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Dominant |
In charge; dominating |
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Servient |
Serving; serving the dominant tenant purpose |
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Easement in gross |
*an individual or company interest in or right to use another’s land No dominant tenement because ppl across the land are not using it to get to another property Ex. Utility company |
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Easement by necessity |
Arises when land has no access to a street or public way Created by the court Issued when someone must cross over someone’s else’s land to gain access to their property property |
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Easement by prescription |
•Implied permission •Certain length of time property must be crossed (varies upon the court you are in);l •Result by a law suit; court orders are required to be granted •Created by the actions one person against the interest of another person |
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Easement by necessity |
Created by the court Issued when someone must cross over someone’s else’s land to gain access to their property property |
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Easement by prescription |
•Implied permission •Certain length of time property must be crossed (varies upon the court you are in);l •Result by a law suit; court orders are required to be granted •Created by the actions one person against the interest of another person |
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Ways for Terminating easements |
• with an agreement or release • dominant tenement agrees to give up or release the easement • merging • abandonment • the need no longer exist |
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License |
(1) In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. (2) The revocable permission for a temporary use of land—a personal right that cannot be sold |
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License |
A personal privilege to enter the land of another for a specific purpose |
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Encroachment |
Occurs when all or part of a structure illegally intrudes on the land of another or beyond legal building lines |
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lis pendens |
Legal pending Gives notice of litigation in progress that may affect the title to the property |
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deed restriction |
will run with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is subsequently transferred |
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The police power of government is used to: |
•enact environmental protection laws, zoning ordinances, and building codes. •These include the regulations that govern the use, maximum occupancy, size, location, and construction of real estate. |
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Eminent domain |
The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
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Eminent domain |
The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
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Inverse Condemnation |
An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use. |
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Eminent domain |
The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
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Inverse Condemnation |
An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use. |
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Taxation |
The process by which a government body raises monies to fund its operation. |
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Eminent domain |
The right of a government or to acquire property for public use through a court action called |
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Inverse Condemnation |
An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use. |
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Taxation |
The process by which a government body raises monies to fund its operation. |
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Escheat |
The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. |
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condemnation, |
The proceeding by which the right (eminent domain) is exercised - in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
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Escheat |
Process by which the state takes control of property after the owner dies leaving no will or lawful heirs |
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Encumbrance |
A claim,charge, or liability that attaches to real estate |
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When an individual dies, leaves no will, and has no statutory heirs, any real property will transfer to the state through a process called |
Escheat |
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When an individual dies, leaves no will, and has no statutory heirs, any real property will transfer to the state through a process called |
Escheat |
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A homestead exemption protects the property owner entitled to the exemption from: |
judgments for debts, but not those used to purchase or improve the homestead property. |
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Types of encumbrances |
•Liens *deed restriction: limitation on how you can use your property. [ex. Doing business in home] *CC&R: Covenants, conditions, and restrictions •easements (right to use the land of another for a particular purpose) •licenses (personal privilege to enter the land of another for a specific purpose; ends with death of either parties or sale of lamd$ •encroachment (burden) •les pendens (litigation pending - a notice filed in the public record of a pending legal action affecting the title to or possession of property. While it does not have a physical effect |
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